The mortgage industry has changed a lot in the last five years but what does that mean for the average consumer?

Well it often means that you’ve done at least some research before you talk to a lender and more often than not, it means you’ve talked to more than one lender.  The average consumer is much more savvy than they have been in the past which makes being a broker just that little bit easier.
How do you tell a good one from one who is not recommending a product that suits your needs?  They should be asking tons of questions about your goals.  If they’re not, move along to the next lender/broker. 
 
While rate is important, it shouldn’t be the most important element … depending on your goals.  For example, often the lowest rate comes with very restrictive penalties that would prevent you from selling or refinancing during your term.  While many borrowers may think they’re not moving in the next five years, – first, never say never – they often don’t think about how they can use the equity in their home to pay off debt, renovate, buy a vacation property or help put their kids through school.
 
Remember, even at 10-15 basis points above the “best rates”, mortgage money is still the cheapest money you will get on the market and with use of pre-payment privileges it can often be paid off faster than if left on a credit card or line of credit and with much less interest.
 
It is the mortgage broker or lender’s job to make sure that they understand your needs so don’t shop for rate, shop for the individual that will that your mortgage fits your budget and lifestyle and not the other way around.